Michael T. Chappell - Page 7




                                        - 7 -                                         
          G.   Petitioner’s Income Tax Returns                                        
               Petitioner signed his 1994 Federal income tax return on                
          April 15, 1996, and filed it on or after that date.  He                     
          timely filed his 1995 return.                                               
               Petitioner reported gross receipts from his tax preparation            
          business of $32,400 for 1994 and $38,658 for 1995.  Petitioner              
          deducted car and truck expenses in the amount of his monthly                
          payments on the Mazda truck.  Petitioner deducted the following             
          amounts for business expenses for 1994 and 1995:                            

                                      1994                  1995                      
          Advertising                 $  820                $  720                    
          Car and Truck                3,879                  --                      
          expenses                                                                    
          Commissions and              7,980                 8,950                    
          fees                                                                        
          Insurance                    1,750                 1,800                    
          Interest                     1,470                 1,578                    
          Office expense               –-                    1,821                    
          Rent                         3,350                 3,360                    
          Repairs and                  339                   350                      
          maintenance                                                                 
          Supplies                     2,875                 2,718                    
          Taxes and licenses           285                   245                      
          Utilities                    6,487                 6,987                    
          Wages                        9,500                 9,879                    










Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011